Whether you realize it or not we all negotiate at some point in our professional lives whether it’s over things like the budget for a multi-million dollar spend on a project or smaller stuff like negotiating over a meeting room in your office that you really want to use but haven’t booked.
As negotiation is so ubiquitous in our working lives it’s probably important that we develop it as a skill – but where do you start?
Most of us will develop a level of skill through experience and practice but from those that study the art of negotiation, there are some tips that you can use to help strengthen your abilities.
Here are our 6 steps to better negotiation.
1/ Ask for what you want
If you don’t ask for it then you probably won’t get it. Whilst you may feel that your demands are extreme you never know what the person on the other side of the table is thinking. Of course, there’s always an element of justification (“I want this because…”) but the old adage “go high or go home” can sometimes deliver.
2/ Include more negotiation points
The more points you use the more options for negotiation you have. You might have some points that you don’t worry about concessing in trade for something else but if they are not on the table you can’t do that!
3/ Always be prepared to walk away
Negotiation can sometimes get personal, we can’t lose and we don’t like giving up. This can, however, lead to a downward spiral of doom which we can’t get out of, we can’t let go and we end up with a terrible deal. We must always consider the value of a bad deal vs walking away. Often walking away is the better option.
4/ Understand the other team’s motivation
Listen then listen some more. Get to the bottom of what’s motivating the other team, what do they really want, what’s their pressure points, by anticipating compromise and basing this around the base needs of both parties then it gives you something that you can build from. Remember, you’re not looking to absorb their problems but you are looking for the deal to be mutually beneficial so finding the motivation and middle ground can help close the deal.
5/ Avoid time pressure
Don’t put yourself in the position of having to deal at all costs by a given time. This is asking for trouble and will most likely lead you to accept something that you wouldn’t normally. Give yourself plenty of time to both negotiate and reflect on the terms being presented. This might include gaps between meetings while you fully assess the impact of concessions. Give yourself the opportunity of doing a good deal and arm yourself with the necessary tools to do that – that includes time.
6/ Research, research, and more research
If you go into a negotiation without undertaking a suitable level of research and preparatory work then the likelihood is you will not do the deal you want. What research do you need to do? Well, make sure you understand what you want from the deal, what you’re prepared to compromise on and what your not. Study the other party to understand baseline need and likely concession points. What are their strengths? What’re their weaknesses? Who are the individual players who are likely to be involved, how are they likely to behave. Can you use other decision makers within their business to help you achieve your objective? Also consider what external support, legal counsel for example, that you might need, speak to them ahead of any negotiation discussions to get their input on your strategy and if necessary involve them in planning the session
So negotiation isn’t easy but it doesn’t have to be impossible either. With the right preparation and considered strategy, you can deliver your objectives. Have your own thoughts on what works on negotiation? Hit us up in the comments section below.